In times of financial hardship, homeowners may find themselves in need of a way to avoid foreclosure and manage their debt. One option available for homeowners in this situation is the short sale process. In this article, we will discuss what a short sale is and how it works in Arizona to help individuals avoid foreclosure.
Definition of a Short Sale
A short sale is when a homeowner who needs to sell their home but owes more than it’s worth (the mortgage is underwater) negotiates with the lender to accept less than what’s owed on the loan balance. This allows the borrower to sell their home at market value and get out from under their debt before they face foreclosure.
Overview of the Short Sale Process in Arizona
When considering a short sale in Arizona, there are some steps that must be taken prior to closing on the sale. The first step would be for the homeowner to contact an experienced company specializing in short sales so that all parts of the process can go smoothly and conform to laws and requirements even if the deal ultimately doesn’t go through.
The homeowner must also get approval from their lender(s), as they are not obligated by law to approve a short sale offer—they can choose whether or not to participate in one. Should they decide to enter into negotiations, both parties will come together and work out an agreement that satisfies both sides with regard to the sale price, closing costs, fees, etc. Once these details have been settled upon, the documents need to be signed by all parties involved before closing on the transaction can take place.
Benefits of a Short Sale in Arizona
Short sales can provide many benefits for those facing foreclosure in Arizona including:
- Avoid foreclosure on your credit report.
- Relieves homeowners from mortgage debt they owe.
- Receive up to $10,000 from lender in moving allowance
- Homeowner may stay in the home up to 6 months longer
- Save monthly payments during short sale process
- Eligible to buy another home in as little as 18 months
Choosing the Right Company To Manage And Execute The Short Sale
It’s important that homeowners make sure they select an experienced company that specializes in managing and executing short sales so as not to miss any key steps during the process or incur unnecessary charges along the way. Additionally, look for companies like The Offer Company that don’t charge anything upfront – saving you money while working through your hardship.
By understanding what a short sale is and how it works, you can give yourself peace of mind knowing that you may have another option available when facing foreclosure other than allowing your credit score to take a significant hit which could take years to rebuild. A short sale provides homeowners with financial relief with regards to paying off mortgage debt still owed while potentially being able to move on more quickly with their finances are among some of its most appealing benefits. If you’re interested in learning more about how you may benefit from taking part in a short sale process contact The Offer Company at 602-448-7377 for additional information today!
The Offer Company
Don’t wait until it’s too late – visit our How to Save Your Home from Foreclosure page for the help and guidance you need.